The cryptocurrency trading platform Binance has been fined $10 billion by the federal authorities for allegedly contributing to the nation’s FX crisis.

In an interview with the BBC on Friday morning, March 1, President Bola Tinubu’s special assistant on communication and strategy, Bayo Onanuga, made this announcement.

Onanuga claims that although Nigeria suffered large losses, Binance profited handsomely from its “illegal transactions” there. He continued by making it clear that Binance is not present or registered in Nigeria.


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According to him, users took advantage of the platform to set arbitrary dollar-naira exchange rates, depreciating the value of the local currency.

Onanuga went on to say that the Binance team had already stopped naira-related transactions on the platform and was working with the Nigerian authorities by giving helpful information.

“The platform fixes the exchange rate in Nigeria, which is illegal. The Central Bank of Nigeria is the only authority that can fix the exchange rate for Nigeria. Binance harbours a lot of people who fix exchange rates which impacted the country badly at a time when the government is trying to stabilize the economy.” he said

He continued by saying that Binance’s currency speculation contributed to the rise in foreign exchange rates, which caused the value of the naira to drop by about 70% in recent months.